Are There Employment Opportunities After Bankruptcy? | Personal ...

Filing for bankruptcy has always been the last option of Americans facing financial crisis. However, bankruptcy can be the best refuge for anyone desperate to clear their debts when all other means has failed. It will allow people to get back up on their feet and start their lives without fear of repercussions from lenders. But filing for bankruptcy can be very risky especially to your future finances. It can jeopardize your future loan plans and make employment opportunities seem elusive. That is because bankruptcy can stay in your credit reports for a long time. Let us take a look at how bankruptcy can affect job search and employment.

Limited Options

According to the Insolvency Amendment Act of 2001, no person who has filed for bankruptcy before can be hired in a company managed or owned by a relative. This said Act limits the employment options of people who have filed for bankruptcy before.

Discrimination in the Workplace

Even if you go to some company that is not managed or owned by a relative, your chance for employment is small. Most employers and managers do not want to hire a person who has filed for bankruptcy because it connotes that the said person is financially irresponsible. Although this type of discrimination is prohibited as stated in the Section 525 of the US Bankruptcy Code, it is very hard to implement because owners and managers have the right to choose the best employee for their companies.

Fortunately, bankruptcy is not the end of the road for you. Be honest with the interviewer when searching for employment. Tell him that if the company runs a credit report, they will know that you have filed for bankruptcy before. Explain in a professional manner how it happened and why you need to file for bankruptcy. Acknowledge that it is a part of your past and that you have learned from it. The interviewer will then surely see that you are cognizant of the magnitude of filing for bankruptcy. By conceding your mistake in the past, you are demonstrating honesty and awareness of the importance of financial responsibility. It will also show that you are more cautious now and are ready to do a good job in any post assigned to you. While searching for employment, you might want to volunteer in a non-profit organization. It will help hone your professional abilities and would keep your marketability considerably high.

About the Author

R. Trammel feels fortunate to bring financial recovery to those who are laid off, downsized, and unemployed. However, R. Trammel, a paralegal at Allmand and Lee, believes those affected by the radical change in the economy can protect their assets during these difficult times, until they are able to re-establish a stable income.

Rance witnesses the struggles and heavy burdens of unemployment through his clients? experiences, he knows that it is about more than just financial calamity. In the blog Secrets About Unemployment , he writes on the great future that lies beyond unemployment, and the legal implications of the common proactive steps that unemployed people can take. He covers everything tax-related topics, to post-resignation depression, the effects on the family unit, and personal finances.

Source: http://www.uybaweb.com/2012/03/Are-There-Employment-Opportunities-After-Bankruptcy/

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